Business
Big unlisted companies may come under tighter regulatory norms
New Delhi, Sep 25
The Company Law Committee is likely to take up a proposal to introduce tighter regulatory norms for big unlisted companies.
According to sources, among the steps that are being considered is the mandatory submission of quarterly financial statements by unlisted companies including major startups in order to keep a closer scrutiny on their financial position and check malpractices.
The Company Law Committee has been set up by the Ministry of Corporate Affairs to help look at such issues.
Inter-ministerial discussions on amending the Companies Act are reported to have also taken place to bring in tighter rules for unlisted large firms.
The development is reported to have taken place in the backdrop of corporate governance issues that arose at ed-tech giant Byju’s. The auditors and three board members of the company had resigned recently over differences with founder Byju Raveendran on key operational issues.
Deloitte said it had decided to resign as the auditor for Byju’s as the company did not allow it to commence audit, which was already delayed, and this was a violation of company norms.
The auditor had quit at a time when Byju’s had plunged into a debt crisis and was unable to repay its loans as a major controversy broke out with its lenders. The company had then moved court against the lenders and was later able to reach an agreement over the repayment schedule of its dues.
12 hours ago
Indian-Origin Lawyer Dismissed After Investigation into Relationship with CEO
12 hours ago
US Congress Approves Bill to Curb Chinese Influence on Campuses
12 hours ago
US and Lithuania Express Concern Over China's 'Provocative and Destabilizing Actions' in South China Sea
12 hours ago
NASA Astronaut Sunita Williams to Speak from International Space Station
13 hours ago
Putin: Strikes on Russian Territory with Western Weapons Would Mean US and Europe Are at War with Russia
13 hours ago
U.S. Department of State Announces EB-2 Visa Quota for Fiscal Year 2024 Fully Exhausted
14 hours ago
Indian researchers build low-cost solution to enhance engine performance
14 hours ago
Non-metro cities leading in orders on e-commerce platforms in India: Report
14 hours ago
Focussing on bacteria alone will not help combat deadly antimicrobial resistance: Lancet
14 hours ago
Asian Hockey Champions Trophy: India ready for high-voltage encounter against Pakistan
14 hours ago
Rashmika Mandanna jets off in style for Milan Fashion Week 2024
14 hours ago
Director Naga’s ‘Thalaivettiyaan Paalayam’ trailer weaves humour with heartwarming moments
14 hours ago
Rakul Preet shares her weekday hair evolution, gastronomic escapades